All Forum Posts by: Mohammed Rahman

To become a hard money lending broker, you usually need to get licensed depending on your state—either a real estate or mortgage broker license. Once you're set up, you start building relationships with hard money lenders who are open to working with brokers. They’ll pay you a fee or points when you bring them deals.

You need to know how to evaluate real estate deals too—things like loan-to-value, after-repair value, and how risky the borrower is. Then it’s all about finding investors who need funding and connecting them with the right lender.

If you want help getting in touch with lenders or figuring out how to package your first few deals, I can help with that too.

Hey! You're asking all the right stuff. Here's the quick lowdown:

How they work:
Once the bank gets a court order, the property gets auctioned—usually at the courthouse. You show up with certified funds, bid, and if you win, you put down 10% right there. You’ve got about 30 days to pay the rest.

Redemption period:
NY doesn't have one after the auction. Once it’s sold, that’s it. Owners can try to stop the auction beforehand, but after the sale, it’s pretty final.

Risks:
You buy it as-is. No inspections, no walkthroughs. Could be occupied, could have liens, violations, whatever. Always do a title search before you even think about bidding.

Tips:
Watch a few auctions first. Research the property—Google it, check DOB for violations, HPD for complaints, etc. And have your money ready—no financing here.

First off, congrats!! That’s a big move, buying a 4-unit in Queens. You’re officially a landlord now! Sounds like you already got a bit of a head start managing your mom’s property too, which definitely helps.

So here’s the deal:

Getting folks on leases:
If the tenants are cool and paying on time, that’s already a win. You don’t wanna shake things up too hard, especially if you’re new to this. Best move is to talk to them directly—something like, “Hey, now that I’m the owner, I’d like to get everyone on a lease just to keep things clean and official.” You can slide in a small rent bump at the same time, just nothing wild. As long as you give them proper notice (30 days for under 5% increase, 60+ if more), you’re good. Keep it respectful and transparent.

CityFHEPS tenants:
This one’s a little trickier. You can’t just raise rent on your own—the city has to approve it. Each unit has a rent cap based on size, and you’d need to submit a request through HRA. If your current rent is already near that cap, might not be much wiggle room. But if it’s low, there’s a chance. Also, CityFHEPS usually wants tenants on a lease, so you can actually use that as a reason to get something in writing with them too.

End of the day, stable tenants—even at below-market rent—can be more valuable than headaches with turnover. But if you’re trying to slowly bring the building up to market, this is how you ease into it.

You're in a good spot. FHA 203k on a multifamily is smart—house hack while fixing it up. Your income and savings make it doable. Focus on NW Queens, Ridgewood, maybe parts of Brooklyn like Bushwick. Bronx works if commute isn't too rough.

That 15-year grant is solid if you're staying long-term. Just make sure it lines up with FHA rules.

The “grief” lead thing (probate) can work, but it’s hit or miss for multifamilies and needs a gentle approach. You’re better off targeting tired landlords or off-market stuff.

Get a realtor who knows 203k deals. That’ll make this way easier. Let me know if you want help laying out next steps.

The board is technically within its rights based on the bylaws, but they're being unnecessarily rigid. You’ve shown you're not trying to get out of paying the fee—you just want it to line up with your lease timing so you’re not stuck losing a big chunk of it if a tenant leaves. That’s fair and practical.

What makes this frustrating is that they’ve already shown flexibility in the past. Even though they later said they "shouldn’t have done it," the fact that they did means they’re capable of making exceptions when it makes sense. It’s not like you’re pushing boundaries here—you’re just trying to avoid wasting money. And in small buildings, boards should be working with owners, not squeezing them with arbitrary enforcement.

If you want to push back, you can bring up that your ask is reasonable, you’re not avoiding the fee, and all you’re doing is asking to pay it in sync with the lease. It’s not a loophole, it’s just cleaner and more fair. If they still won’t budge, you’ve gotta decide if it’s worth escalating—because at the end of the day, the risk of delays or tension with the board can end up costing more than the fee itself.

You’re not wrong for being annoyed. But in a setup like this, sometimes it’s a choice between being right and keeping things smooth.

Hey @Hunter B. - just attend a few meetups and let people know what you're looking for

Hey @Hernan Morales - the FHA 203k loan is a great program, but it's not as glamorously easy as it may sound on paper because it depends a lot on which market you're operating in.

I've personally never done it myself, but I've worked with clients that have *tried* to go through this route and its brutal because the pool of deals/properties you'll be targeting are already flushed with cash buyers. 

Not saying its impossible, but saying the local NYC market players have enough cash to buy up distressed properties so a lot of theoretically good ideas (like the 203k) just don't work on paper. 

Hi @Mark Navarrete - your best bet is to simply look up some title companies and ask them if they can handle double closings and/or assignments, and if so which attorneys they recommend. 

Hey, thanks for sharing this.

Honestly, this is one of those gray areas that a lot of landlords run into. Since your lease says they’re responsible for keeping appliances in good working order, you could argue that regular cleaning falls under that, especially if the neglect caused mold and odor. But if it's not clearly spelled out, it's tough to enforce or charge them without risking pushback or damaging the relationship.

Moving forward, the best thing is to update your lease or create a basic appliance maintenance guide/checklist to give new tenants. Just something simple like “clean washer gasket/filter monthly” kind of thing. That way there’s no confusion.

As for this case, I’d probably eat the cost this time (maybe gently let them know this isn't typical maintenance), but use it as a learning moment. You could say something like: “We took care of it this time, but regular cleaning is part of keeping the appliance working properly, and we’d appreciate your help with that going forward.”

Keeps it friendly but sets a boundary.

House hacking in Brooklyn won’t save you much monthly, but it’s still a solid long-term play. You’ll lock in a low rate, build equity, get tax breaks, and maybe see the property go up in value. Even if you lose a bit each month after moving out, it can still help you build wealth. Just make sure you’re cool with the monthly costs and have a plan for when you move out.